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NCM Capital Management Group's investment selection process is based on the development of a Master Buy List. The firm's equity strategies seek to outperform its benchmark index over a 3 to 5 year period. NCM's equity strategies include: Broad Growth, Large-Cap Growth, Mid-Cap Core and Mid-Cap Growth. The firm's Broad Growth strategy employs quantitative analysis and rigorous fundamental research to construct a solid portfolio of the stocks of 40 to 70 companies with attractive valuations relative to growth prospects. The strategy's objective is to outperform the S&P 500 Index and an appropriate peer group over a 3 to 5 year period. NCM invests only in high-quality securities that are diversified across various industries and sectors of the S&P 500. They maintain a fully-invested approach. NCM's Large-Cap Growth strategy employs quantitative analysis and rigorous fundamental research to construct a solid portfolio of the stocks of 50 to 70 large-cap companies with superior earnings growth. The strategy's objective is to outperform the Russell 1000 Growth Index and an appropriate peer group over a 3 to 5 year period. NCM invests only in high-quality securities that are diversified across various industries and sectors of the Russell 1000 Growth Index. They maintain a fully-invested approach. The firm's Mid-Cap Core strategy employs quantitative analysis and rigorous fundamental research to construct a solid portfolio of the stocks of 40 to 60 mid-cap companies with strong earnings characteristics and attractive valuations. The strategy's objective is to outperform the Russell Mid-Cap Index and an appropriate peer group over a 3 to 5 year period. The firm invests in high-quality mid-cap securities with sufficient liquidity that are diversified across various industries and sectors of the Russell Mid-Cap Index. They maintain a fully-invested approach. NCM's Mid-Cap Growth strategy employs quantitative analysis and rigorous fundamental research to construct a solid portfolio of the stocks of 40 to 60 mid-cap companies with exceptional growth profiles as measured by positive earnings per share revisions, positive and accelerating earnings per share growth and positive earnings surprises. The strategy's objective is to outperform the Russell Mid-Cap Growth Index and an appropriate peer group over a 3 to 5 year period. The firm invests in high-quality mid-cap securities with sufficient liquidity that are diversified across various industries and sectors of the Russell Mid-Cap Growth Index. They maintain a fully-invested approach. Though not limited by sector, NCM tends to invest in the stocks of US mid-cap and large-cap companies in the electronic technology, technology services and health technology and finance sectors. The firm maintains a medium turnover rate.

Piedmont Investment Advisors employs an objective and disciplined investment process that seeks to generate consistent excess returns over a full market cycle. The firm's risk-aware equity investment philosophy focuses on extracting alpha from three interconnected processes: Quantitative, Fundamental, and Macro. They believe that this combination offers the best opportunity to outperform in the long term and maximize the return per unit of risk for their clients. All of Piedmont’s equity products use this approach with each component used in varying degrees for each product. The firm's Strategic Core strategy is managed using a fundamental process but it utilizes quantitative models as a source of idea generation. Macro insights are taken into consideration in the process of portfolio construction. For their Market Plus, Optimized SMID Core and Optimized Small Cap Core, the quantitative models are the primary drivers of stock selection and portfolio construction while fundamental and macro insights are used as inputs for risk control in the portfolio construction process. Smart Beta products are managed using factor based weighting schemes. Piedmont’s Russell Top 200 Index strategy, S&P 500 Index Strategy and S&P 600 Index Strategy use full replication methodology to generate index like returns. Piedmont constructs customized, yield-advantaged fixed income portfolios with the expectation of outperformance over a full market cycle. Their yield-advantaged style seeks to dampen performance volatility by encompassing moderate duration shifts, strategically overweighting spread sectors, and being opportunistic along the yield curve. These objectives are synthesized and implemented within the context of a quantitative backdrop. Active management connotes a constant assessment of relative value, that is, whether expected returns are commensurate with the level of risk taken. Piedmont's bias is typically an overweight in the spread sectors. They construct well-diversified portfolios to give clients the broad benefit of owning these sectors while remaining mindful of not unduly exposing the portfolio to any one issue. Conversely, security selection is emphasized, but within the context of its overall risk versus expected return.

NCM Capital Advisers, Inc. provides investment management and advisory services. It offers services to high net worth individuals. The firm manages separate client focused equity and fixed income portfolios for its clients. It also invests in public equity and fixed income markets of United States. The company was founded by Maceo Kennedy Sloan in 1986 and is headquartered in Durham, NC.

FBR Investment Management's (FBRIM) stock selection process seeks to identify stocks with the best earnings growth outlook that are selling at the lowest price-to-book and p/e multiples. Macroeconomic factors influencing sectors are also monitored. In general, FBRIM tends to invest in the stocks of US small- and mid-cap companies in the finance, retail and consumer services sectors. The firm maintains a low turnover rate. FBRIM manages hedge fund and private pooled investment vehicles employing three strategies. Their merger arbitrage/event driven strategy involves both long and short investing. Decisions are based on anticipated outcomes of company specific or transaction specific situations, such as corporate acquisitions, mergers, restructurings or share repurchase programs. They seek to realize price differentials between the current and expected future price of a security due to the occurrence of a merger, consolidation or similar event. FBRIM's long bias opportunity strategy involves taking primarily long positions in equity securities based on the portfolio manager's fundamental opinion of an underlying company's outlook and market valuation. In selecting particular securities, they consider factors such as the economic and political outlook, the outlook and market perception of the issuer's industry sector or sub-sector, the value of the issuer of the securities relative to other investment alternatives and the operating characteristics and quality of the business of the issuer. The firm's long/short value equity strategy involves taking both long and short positions in equity securities based on the portfolio manager's fundamental opinion of the underlying company's outlook and market valuation. The portfolio may be net long or net short and is typically be net market directional. In selecting particular securities on the long side, the portfolio manager considers factors such as the intrinsic value of securities relative to current price, strong cash earnings and exceptional balance sheet economics. On the short side, the portfolio manager seeks businesses with deteriorating balance sheets, high levels of debt and a dependency on the capital markets for value. FBRIM's private equity investment fund focuses primarily on companies providing innovation, technology, outsourced solutions and enablement to the financial services industry. In the venture capital area, FBRIM focuses primarily on growing technology and genomic-driven biotechnology and life science companies in the Washington, DC region and in the Pacific Northwestern US.

Functions as a College/University

Smith Graham specializes in small, mid and smid-cap US equity strategies. The firm applies conservative and repeatable investment processes to various asset classes, including US fixed income, US equities and alternative income sources. Their investment philosophy has a relative value focus with an emphasis on risk control and risk management which provides superior long-term returns with low volatility. The equity investment philosophy reflects Smith Graham’s belief that attractive returns can be achieved over a full market cycle by combining a systematic quantitative approach with traditional fundamental analysis.

Functions as a College/University

Government agency